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Borouge to up production on demand surge
Borouge, a joint venture between the Abu Dhabi National Oil Company and Borealis, has said that in order to support the growing demand from China, Asia and the Middle East, it is tripling its polyolefins manufacturing capacity to two million tpa by 2010, and is planning to bring on stream an additional 2.5 million tpa of polyolefins. Furthermore, the company said it will also be investing in an Innovation Centre in Abu Dhabi, as well as a new Shanghai compounding manufacturing unit that will be able to supply up to 50,000 of compounded resins to its customers in addition to a range of bumpers, body panels, dashboards and door claddings.
Gulf cement prices to fall on oversupply
Khaled Gahal Hegazy, VP of Egyptian cement trading company Hegazy has said that weak demand and large number of supply projects coming online by the end of the year will flood the market and drop prices by at least 20%. By 2011, Saudi Arabia would produce 11.5 million tonnes more cement than it needed, and Iran would have an excess of 20m tonnes, while the UAE would have 11.5m tonnes of oversupply.
Metal fabrication plant to launch in Oman
Construct Altayf, a new plant specialising in metal engineering and truss structural manufacturing, will be opened in Oman's Buraimi Industrial Estate next month. The facility with a capital investment of RO850000 is the first of its kind in the Gulf region with a capability to fabricate truss structures for buses, and the second largest of its kind in the Sultanate in terms of its capacity of 500 tons per month of ironware.
Brazilian firm takes over Sadia
Perdigao SA, Brazil's largest food company, has agreed to take over rival Saudi Arabia-based Sadia in a share-swap transaction that will form the world's biggest poultry processor by market value, reported Bloomberg. Perdigao has pursued a takeover of Sadia after the latter had posted the first annual loss in its 65-year history. Perdigao will change its name to BRF Brasil Foods SA and incorporate Sadia shares owned by HFF Participacoes SA, a holding company formed by investors who have more than 51% of Sadia's voting stock.
Maaden may offer 49% stake in smelter
Abdallah Dabbagh, CEO of Saudi Arabian Mining (Maaden), told Bloomberg his company is in talks with Dubai Aluminium to offer as much as a 49% stake in its smelter, after Rio Tinto Group, the world's second-largest iron ore producer, abandoned a joint venture with the firm. Companies such as Rio are shelving projects amid falling aluminum prices, as demand for products such as cars and planes slumps, reported the news service.
Egypt cement exports to fall
Egypt-based CI Capital has said that cement exports were expected to drop to 700,000 tonnes in 2009 from 1.3 million last year. Exports should recover slightly the following year and hit 2.3 million tonnes in 2011 and 3.9 million tonnes by 2013. The fall is mostly due to a government ban on exports for four months, beginning in April, in a bid to stabilise local prices.
Egypt mine to produce first gold bullion
Egypt's Minister of Petroleum and Mineral Resources, Sameh Fahmy has told the Mena news agency that the country will produce the first block of gold bullion from the Sukari mine in the Eastern Desert in June. Gold explorer Centamin Egypt said in April the reserve estimate for the mine stood at 6.4 million ounces.
Emirates Glass inks deal with EFG
Emirates Glass, in association with LumiGlass Industries and Saudi American Glass Company, has signed a Dhs20m agreement with Emirates Float Glass to buy 20% of EFG's total glass production, reported Gulf News. Under the agreement, EGL and its sister companies will collectively purchase 100,000 square metres of glass from EFG every month. The major supply of the order, which amounts to an annual 1.2 million square metres of glass, will go to Emirates Glass.
Industries Qatar receives $55m as compensation
Industries Qatar said the government has paid it QR200m ($55m) compensation for selling steel at a loss in the local market. The company said the claim represents compensation against price differentials that resulted from ceiling prices in the local market. The company has so far received QR1 billion from the government, compared with the total claim of QR1.8bn.
Alghanim plans Asian acquisitions
Omar Kutayba Alghanim, CEO of Kuwait's AlـGhanim Industries has told Reuters the conglomerate is looking at acquisitions and multiple opportunities, primarily in Southeast Asia. Al-Ghanim said the conglomerate would look to buy smaller stakes at first and possibly build those holdings with time. "It's a market that is resilient, where the drivers for that economy are more sustainable. India and Vietnam are great markets," Al-Ghanim said.
Saudi Arabia eases cement export ban
Northern Region Cement in Saudi Arabia is to resume its cement exports, with conditions attached. NCB Capital, the investment banking arm of Saudi Arabia's National Commercial Bank, said the Ministry of Commerce had sanctioned the decision. However, not all cement producers in the kingdom will be allowed to restart exports.
United Industries posts net loss in Q1
Kuwait-based United Industries Company, a member of the Kipco Group has reported a net loss of KD200,738 for the first quarter of 2009. The company has announced growth in the value of total assets by 4% (KD6.8m) to reach KD199.5m as of 31st March 2009, compared to KD192.7m in 31st March 2008. Share of income from Hempel increased by 69% (KD145m) to KD356m compared to last year same period KD211k due to increased sales.
Tabreed posts 29% profit increase
Khadem Al Qubaisi, Chairman of National Central Cooling Company PJSC (Tabreed) has said that the company's unaudited Q1 consolidated net income rose 29% compared to 2008. Tabreed did not reveal any numbers for net profit or revenue. The company has 33 cooling plants in operation, with a further seven expected to come online this year.
Dubai to hold talks with India on bauxite project
Abdullah Kalban, CEO of Dubai Aluminium Company (Dubal) told Reuters that the state-owned smelter will be holding talks with the Indian government regarding plans for its bauxite mine and alumina refinery and smelter project in Orissa after the Indian elections end. The project, a joint venture with Indian engineering conglomerate Larsen and Toubro, was originally scheduled to start in 2009, but Dubal had said it expected delays due to 'bureaucratic issues in India'.
Dubal may shelve Saudi venture
An executive of state-owned Dubai Aluminum (Dubal) told Reuters the company's plans for the $5bn aluminum smelter in Saudi Arabia's King Abdullah Economic City are uncertain because of the economic conditions. Dubal had signed an initial agreement 13 months ago with the Saudi Arabian General Investment Authority (SAGIA) and Emaar Economic City to develop the 700,000 tonne per year smelter.
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